Full Year Trading Update

RNS Number : 2838N

Inspecs Group PLC

29 January 2021

 

29 January 2021

Inspecs Group plc

("Inspecs", the "Company" or "the Group")

Full Year Trading Update

Inspecs Group plc, a leading designer, manufacturer and distributor of eyewear frames, today announces a trading update for the year ended 31 December 2020 ahead of its Final Results in May 2021.

The Group's trading performance for the year was in line with management's expectations, delivering Group revenue of $46.2m (2019: $61.2m). The Group completed two acquisitions in the year, namely the assets of The Norville Group Ltd ("Norville") on 14 July 2020 and Eschenbach Optik GmbH ("Eschenbach Optik") on 16 December 2020. These businesses contributed revenue of $4.2m and $3.1m respectively. Integration of Norville is complete and the integration of Eschenbach Optik is progressing to plan, showing encouraging early signs. We now look forward to working with the Eschenbach Optik team to drive the identified synergies and boost Inspecs' global footprint and brand portfolio.

Robin Totterman, CEO of Inspecs, said:

"Whilst 2020 was an extraordinary year for a number of reasons, it was a milestone year for Inspecs with the Company successfully listing on AIM in February and subsequently completing two acquisitions. Welcoming Norville and Eschenbach Optik to the Group significantly increases our global distribution and lens manufacturing capability, enabling us to penetrate key global markets, broaden our customer reach, and strengthen our brand portfolio.

"Although the global pandemic continues, the Group is in a strong position to capitalise on the compelling structural opportunities that exist in the fragmented global eyewear market. I would like to thank all of our employees across the globe for their continued hard work and resilience in the face of the ever-changing pandemic and I continue to look to the future with confidence."

For further information please contact:

Inspecs Group plc Robin Totterman (CEO) Chris Kay (CFO)	via FTI Consulting Tel: [phone]
Peel Hunt (Nominated Adviser and Broker) Adrian Trimmings Andrew Clark Will Bell	Tel: [phone]
FTI Consulting (Financial PR) Alex Beagley James Styles Fern Duncan Alice Newlyn	Tel: [phone]

About Inspecs Group plc

Inspecs is a Bath-based designer, manufacturer and distributor of eyewear frames and optically advanced spectacle lenses. The Group produces a broad range of frames and lenses, covering optical, sunglasses and safety, which are either "Branded" (either under licence or under the Group's own proprietary brands), or "OEM" (including private label on behalf of retail customers and un-branded).

In December 2020, Inspecs acquired Eschenbach Optik, a leading, global, eyewear supplier headquartered in Nürnberg, Germany, which includes the American company Tura. The acquisition extended the Group's presence internationally in key global markets. This followed the acquisition of lens maker Norville in July 2020, whereby Inspecs combined two heritage brands in British optical, Savile Row frame maker, and Norville lens maker, further enhancing its vertically integrated business model. As one of only a few companies that can offer this one-stop-shop solution to global retail chains, Inspecs is well positioned to continue to take market share in the globally expanding eyewear market.

Inspecs customers include global optical and non-optical retailers, global distributors and independent opticians, with its distribution network covering over 80 countries and reaching approximately 40,000 points of sale. In FY19, the Group generated 24.9% of its revenue in the UK and 75.1% internationally.

Today Inspecs has operations across the globe: with offices in the UK, Portugal, Scandinavia, the US and China (Hong Kong, Macau and Shenzhen), and manufacturing facilities in Vietnam, China, London and more recently, Italy. With the acquisition of Eschenbach Optik, the Group's international reach further extends to Germany, France, Spain, Japan and Poland.

The Group's growth strategy going forward is to: (i) continue to grow organically; (ii) undertake further acquisitions (and drive value through leveraging the Group's internal capabilities); and (iii) extend the Group's manufacturing capacity.

More information is available at: https://inspecs.com  

 

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